I used wallpaper, the vinyl kind that is made for bathrooms and kitchens and other high-humidity applications, and the heavy duty paste. The effect is great, but I'm lousy with wallpapering at home, let alone on the boat. I've thought of taking it off and having a professional redo it. The interior is much brighter and the wallpaper has held up for several years now, but the cuts and joining work is amateur--because, well, I'm an amateur.
The advantage is that the formica is not altered by sanding or whatever. If it didn't work out, I knew that the water-based wallpaper paste would just wash off. You still have to remove all the wall-mounted stuff. I broke toothpicks and put them in the screw wholes for clocks, etc. so that when the wallpaper was applied, the toothpicks punched through the paper and showed me where to screw things back in.